PHL shares succumb anew to profit-taking

The Philippine Stock Exchange index tumbled for the third successive trading day Monday as investors continued to pocket their gains in the absence of market-lifting news. “We don’t see anything that would stimulate market sentiments. Let’s just wait for positive expectations on corporate earnings and news on mergers and acquisitions," said trader Jasper Jimenez of Banco de Oro Securities Inc. With buyers staying on the sidelines, “the drop in share prices has been exacerbated," said analyst Martin Santos of First Metro Securities Brokerage Corp. The PSEi shed 20.37 points or 0.49 percent to close at 4,115.38, according to the PSE’s online market information as of 12:10 p.m. More than 660 million shares valued at P4.565 billion changed hands. Gainers led losers 77 to 49, while 37 issues remained unchanged. Jimenez pointed out that the disappointing close on Friday will be “carried over" this week unless something props up the market. On Friday, the PSEi dipped by 1.75 percent to close at 4,135.75. “While the [PSEi] and numerous stocks are near their respective support levels, there is definitely room to move further down," AB Capital Securities Inc. said in a weekly market report. The PSEi may find support at the 4,070 level and then at 3,950 if the former fails to hold, AB Capital added. — VS, GMANews.TV